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Israeli Prime Minister Netanyahu: We can attack Iran at any time.On September 3, the Iranian Foreign Ministry issued a statement on September 2, local time, strongly condemning the US military action against Iran. The statement said the US attacked multiple demilitarized zones, ports, communication facilities, and other civilian infrastructure in the provinces of Khuzestan, Sistan-Baluchistan, Hormozgan, and Kerman, causing casualties and property damage. The statement said that a US attack on a wedding in Sirik district of Hormozgan province resulted in the deaths and injuries of more than 70 Iranians, most of whom were women and children. The Iranian Foreign Ministry stated that the actions violated basic principles of international law and international humanitarian law. The statement indicated that the Iranian armed forces, in accordance with the right of self-defense under the UN Charter, carried out a "defensive and deterrent strike" against US military bases that served as the starting point and logistical support for the US attacks on Iran. Iran also urged regional countries to prevent the US from using its territory and airspace to conduct military operations against Iran and called on the UN Security Council and the UN Secretary-General to fulfill their responsibilities to prevent further escalation of the situation.Israeli Prime Minister Netanyahu: If Iran chooses to attack us, they know it will be one of their final decisions.Spokesperson for the UN Secretary-General: The Secretary-General is concerned about reports of casualties from the US attack on Iran.The Mayor of Moscow: Three more drones flying towards Moscow were shot down today. This brings the total number of destroyed drones to 28.

The USD/CAD exchange rate moves above 1.3560 in advance of US/Canadian employment data, as oil prices consolidate

Alina Haynes

Jan 06, 2023 11:15

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In the early Asian session, the USD/CAD pair is bouncing within a narrow range of 1.3560-1.3580. The Canadian dollar has retreated to a sideways pattern following a rise from the psychological support level of 1.3500. After the upbeat United States Automatic Statistics Processing (ADP) Employment Change data prompted a trend of risk aversion, market participants demonstrated higher demand for the US Dollar.

 

Rising expectations of a long-term aggressive monetary policy by the Federal Reserve (Fed) enhanced the appeal of the safe-haven currency, which pushed the US Dollar Index (DXY) to the important resistance level of 105.00. Additionally, it boosted 10-year US Treasury yields above 3.72 percent. In the interim, after a fall on Thursday, demand for S&P500 futures has increased, indicating a minor improvement in investors' risk appetite.

 

Compared to the predicted 150K, the US economy has created 235K jobs for job seekers, according to the US ADP. Stronger labor demand is undoubtedly indicative of a healthy economy, but in times of soaring inflation, it provides the Fed with a solid reason to delay a rate cut in the near future.

 

Investors will keenly examine Friday's release of US Nonfarm Payrolls (NFP) data in order to obtain deeper insight into the status of the US labor market.

 

Likewise, the Canadian Dollar will respond to the release of Employment data. Compared to the earlier estimate of 10k, the net increase in payrolls for December is expected to be 8k. The jobless rate may increase slightly to 5.2%.

 

Before the release of the official US Employment report, the price of oil exhibits rangebound behavior. Since the Covid-19 scenario may reach its culmination more quickly, the black gold may gain strength. Notably, Canada is the United States' leading oil exporter, and higher oil prices strengthen the Canadian Dollar.

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